Net Business Standards Eyed

The government is planning to introduce standards to serve as guidelines for electronic cash and Internet banking systems.

To protect the privacy of the growing numbers of users of online cash and banking services, the Ministry of Finance and Economy said Friday that it would attempt to draw up by the end of this year a body of standards that would govern financial transactions conducted over the Internet.

Electronic cash users will be protected, for example, with principles to guide disputes when electronic cash is "lost." A concrete plan will be released next week, the ministry said, after it is reviewed by a commission on consumer policies.

The government tried recently to introduce regulations that would help determine who was at fault when online transactions go wrong, but was blocked by the Korea Federation of Banks. This time around, to speed up the legislation process, the government will present a plan that would reduce the liability of banks.